RattanIndia Power Limited (NSE:RTNPOWER) disclosed on 10 August 2026 that CRISIL has upgraded its short-term bank facility rating to 'Crisil A2' from 'Crisil A3+', while simultaneously enhancing the rated facility amount to Rs 650 crore from Rs 550 crore, effective 6 August 2026.
Key Highlights
- CRISIL upgraded RattanIndia Power's short-term bank facility rating to 'Crisil A2' from 'Crisil A3+', reflecting improved operating performance in fiscal 2026.
- The total rated short-term bank loan facilities have been enhanced to Rs 650 crore from the previously rated Rs 550 crore.
- Plant load factor rose to 82% in fiscal 2026 from 78% in fiscal 2025, while plant availability factor remained above 85%, supporting fixed-cost recovery.
- The company held a cash balance of approximately Rs 276 crore as on 31 March 2026, with all operational cash flows escrowed under a trust and retention account waterfall mechanism.
About the Company
RattanIndia Power Limited (NSE:RTNPOWER), headquartered at Mahipalpur, New Delhi, is a thermal power generation company operating within the Power Infrastructure sector. The company owns and operates a coal-based power plant that supplies electricity primarily to Maharashtra State Electricity Distribution Company Ltd under a 25-year power purchase agreement extending to 2040, with fuel linkage secured through a fuel supply agreement with South Eastern Coalfields Ltd for 6.1 million tonne per annum.
Announcement in Detail
Pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, RattanIndia Power informed both BSE and NSE on 10 August 2026 that CRISIL Ratings Limited upgraded its rating on the company's short-term bank facilities to 'Crisil A2' from 'Crisil A3+'. The rated facility amount was simultaneously enhanced to Rs 650 crore from Rs 550 crore.
The CRISIL rationale, dated 6 August 2026, attributed the upgrade to a higher plant load factor of 82% in fiscal 2026 versus 78% in fiscal 2025 and a plant availability factor of 88% in fiscal 2026. EBITDA for fiscal 2026 was reported at Rs 410 crore, against Rs 598 crore in fiscal 2025, with the decline described as moderate given a tariff reduction under the PPA. The company carries nil long-term external secured debt, and fund-based working capital facilities of Rs 400 crore saw their interest rate reduced to 11% per annum in 2026 from 11.5% in 2025.
Impact on Investors
The filing shows the rating upgrade from 'Crisil A3+' to 'Crisil A2' indicates an improvement in CRISIL's assessment of the company's short-term debt-servicing capacity. Investors will note that the enhancement of rated facilities to Rs 650 crore from Rs 550 crore expands the company's sanctioned working capital headroom. The disclosed terms indicate that all cash flows are escrowed under a trust and retention account with a defined waterfall mechanism, and no surplus is upstreamed without lender consent.
Shareholders will observe that several risk factors remain monitorable per the CRISIL rationale: receivables from MSEDCL stood at 297 days as on 31 March 2026; a petition by REC Ltd dismissed by the NCLT may face appeal in higher courts; an arbitral award of Rs 115 crore plus interest in favour of Bharat Heavy Electricals Ltd is under appeal; and OCCRPS from erstwhile lenders are due for repayment or conversion in December 2026. The filing indicates Rs 197 crore of the Rs 276 crore cash balance is earmarked against the BHEL disputed amount.
Sector / Market Context
India's thermal power sector continues to play a foundational role in the country's electricity supply mix. According to the Central Electricity Authority, coal-based capacity accounted for a substantial share of total installed generation capacity as of fiscal 2026. Long-term power purchase agreements backed by regulated tariff structures remain the primary framework for revenue visibility in this segment, with distribution company counterparty credit risk a broadly tracked challenge across state-owned utilities in India.